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Trade Insights: Exploring opportunities overseas
Read time : 17 mins Added: 19/06/2023
Supporting UK exporters
Find out how we support UK businesses to realise the opportunities of exporting abroad with the use of our partner banks.
Significant exporting potential
Embedded in a rich history steeped in trade and commerce, the UK has significant potential when it comes to exporting.
At a glance:
- The UK Government’s ambition to boost the value of UK exports to £1 trillion by 2030, coupled with the removal of outstanding trade barriers, mean that export conditions are becoming more favourable and businesses are feeling more optimistic about their trading prospects.
- The changing geopolitical and macroeconomic landscape means that emerging and developing markets in the Indo-Pacific region or Sub-Saharan Africa, for example, offer new, lucrative and dynamic opportunities for UK firms to reach new consumers worldwide.
- The business benefits of exporting are clear, with many companies acknowledging that exporting has not only caused a surge in profits, but has also driven innovation and digital transformation, enabled them to increase their headcount and prompted them to expand their product range.
- Exporting can help to mitigate the risk of unpredictability within the domestic market, smooth out the work flow and counter issues such as the seasonality of sales.
With this in mind, how can businesses either prepare to begin their export journey, or look at new markets to enter if they already export?
Read our full Trade Insights report (PDF, 1.95MB) for more on what firms need to consider in order to make the transformation from a domestic business into a thriving international exporter.
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